ADB links ML-1 financing to railway sector reforms
The Asian Development Bank has offered to finance Pakistan's Mainline-1 railway project, provided the government implements significant structural reforms. Discussions focused on fiscal prudence, pension reform, and private-sector development.
Why it matters
This reflects the conditional nature of international development aid and the pressure on Pakistan to modernize its infrastructure and economy.
ISLAMABAD: The Asian Development Bank (ADB) has expressed willingness to finance the Mainline-1 (ML-1) railway project from Karachi to Peshawar, in collaboration with other donors, but has stressed that Islamabad must undertake comprehensive reforms in the railway sector.
This message was conveyed during meetings with Minister for Finance Muhammad Aurangzeb and Minister for Economic Affairs Ahad Cheema on Wednesday. The finance minister held a meeting with ADB Vice President (South, Central and West Asia) Yingming Yang, who called him along with his team. The discussion covered Pakistan-ADB cooperation, structural reforms, investment, private-sector development and access to finance.
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